Bitcoin Blasts Through $116K High as Short Sellers Take a $570M Beating

By José Oramas July 11, 2025 In Bitcoin, Bull Run

Source:AdobeStock

Bitcoin smashed another ATH, topping US$116,400 after weeks of sideways action, doubling from US$57K last year on ETF flows and bullish corporate moves.
Short sellers got crushed: nearly US$600M in BTC shorts were liquidated in 24h, with total crypto liquidations hitting US$912M as bulls steamrolled the market.
One trader lost US$88M on HTX in a single BTC short wipeout, highlighting how Bitcoin’s surge is punishing overleveraged bears in brutal fashion.

Bulls are taking over Bitcoin, and they’re showing no signs of mercy against short sellers.

The primary cryptocurrency smashed through another all-time high Thursday night Australian time, punching above US$116,400 and shaking off months of sideways drift.

The top cryptocurrency hit US$115,469 (AU$174,112) during the US session, up 4.2% in 24 hours, CoinGecko data shows. Just a day earlier, CNA reported the coin’s abrupt push to the US$112K (AU$169K) level, before dipping back under AU$111K (AU$168K).

Just a year ago, Bitcoin traded near US$57K (AU$87K). It has doubled since, despite chopping back some gains last spring.

The fresh peak rides a surge of ETF inflows, aggressive balance-sheet moves from crypto-heavy corporates, and a regulatory mood that’s turned less hostile.

Short Traders are Getting Rekt

It’s a bloodbath of short sellers out there, Coinglass data shows. In the last 24 hours, BTC short liquidations rose to nearly US$600 (AU$910M).

Bitcoin’s bullish momentum came in with a lot of strength, obliterating even the big players, as a trader got liquidated for a US$88M (AU$133M) short position on the crypto exchange HTX. Well, that hurts.

Just one hour ago, over US$12M (AU$18.2M) in short positions were terminated. Zooming out, in the last 24 hours, the total amount of liquidations topped US$912M (AU$1.3B), more than half pinned to Bitcoin’s relentless run at record territory.